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Coincover secures $30M in funding to strengthen digital asset security

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London-based digital asset protection firm Coincover has secured $30 million in a funding round led by Foundation Capital with a follow-on investment from CMT Digital.

According to Coincover’s announcement, the funds will be used to scale its operations, drive recruitment, develop new products and form partnerships to help strengthen the security of the cryptocurrency ecosystem, thereby providing even more comprehensive protection to businesses and individuals holding digital assets.

Coincover was founded in 2018 and launched in 2019 with the aim of providing trust to the digital asset industry. The company already works with over 300 businesses, including exchanges, wallets, hedge funds, family offices, banks and a number of digital asset custodians.

Coincover intends to tackle the security concerns plaguing the digital asset industry by offering businesses a solution that guards against both cyber threats and human mistakes. Coincover aims to lay the foundation for a more mature and trustworthy sector by reducing scams and fraudulent activities. The company’s offerings also claim to not only reduce the risk of moving and storing cryptocurrency but also change the perception of digital assets and foster increased confidence in the industry.

Coincover co-founder and CEO David Janczewski shared:

“At Coincover, we’re proud to prevent users from losing access to their cryptocurrency, whether that be through a mistake or the misfortune of being targeted by malicious online hackers. […] Through this new funding, we can supercharge our service for all existing and future customers — building a better and more mature digital asset ecosystem in the process.”

Related: VC Roundup: ZK proofs, DeFi protocol and longevity DAO attract investment

Despite a prolonged bear market, Web3 projects continue to raise capital to build and innovate within the ecosystem.

On Jan. 25, Cointelegraph reported that Injective launched a $150 million ecosystem fund to boost decentralized finance and Cosmos adoption. The ecosystem group was backed by a large consortium of venture capital and Web3 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, KuCoin Ventures, Delphi Labs, IDG Capital, Gate Labs and Flow Traders. According to Injective, the consortium is the largest assembled within the broader Cosmos ecosystem.